Shares of sugar manufacturers gained up to 5 per cent on the BSE in the early morning trade on Thursday after the Union Cabinet on Wednesday approved Rs 3,500-crore sugar export subsidy.
Among individual stocks, Balrampur Chini Mills (BCML), Triveni Engineering Industries, Uttam Sugar Mills, Dhampur Sugar Mills, Shree Renuka Sugars, EID Parry (India) and Dwarikesh Sugar Industries were up in the range of 3 per cent to 5 per cent. In comparison, the S&P BSE Sensex was up 0.09 per cent at 46,706 points at 09:24 am.
The central government on Wednesday approved a subsidy of Rs 3,500 crore to sugar mills for the export of around six million tonnes (MT) in the ongoing 2020-21 marketing season that started in October.
Bajaj Hindusthan, Balrampur Chini, others rise up to 5% after govt clears subsidy for sugar mills
Dwarikesh Sugar rose 4.04 per cent, Simbhaoli Sugars was up 5 per cent, Balrampur Chini Mills gained 4.43 per cent, Bajaj Hindusthan Sugar rose 5.18 per cent and Dalmia Bharat Sugar and Industries gained 4.14% per cent in early trade
BusinessToday.In | December 17, 2020 | Updated 11:36 IST
Meanwhile, in today s session, Sensex hit an all-time high of 46,778 and Nifty logged a lifetime high of 13,713. Yesterday, Sensex ended 403 points higher at 46,666 and Nifty gained 114 points to 13,682.
Sugar stocks rose in early trade today after the government approved a subsidy of Rs 3,500 crore to sugar mills for the export of 60 lakh tonnes of sweetener during the ongoing marketing year 2020-21. The move is a part of its efforts to help mills clear outstanding dues to sugarcane farmers.